Our Personal Loans can help you pay for rental bonds and other moving costs in Victoria.
With no impact on your credit score!
Check If You Qualify with no impact on your credit score!
*Subject to lending criteria, T's and C's'
*Subject to lending criteria, T's and C's'
Our Personal Loans can help you pay for rental bonds and other moving costs in Victoria.
A rental bond is a security deposit paid by renters to either the property manager or the landlord at the start of a tenancy agreement. Rental bonds can cost thousands of dollars if they're not split between multiple people and usually need to be paid upfront.
A Rental Bond Personal Loan with Jacaranda Finance can allow you to pay that deposit quickly without dipping into your hard-earned savings. Instead, you can repay a loan from $3,000 over manageable instalments starting from 25 months.
We know how important it is to receive your funds in a timely manner. As a hard-working Australian, you don't have time to waste on needless paperwork.
That's why Jacaranda Finance makes applying for a Personal Loan to cover rental bonds and moving expenses simple with our fast, 100% online application.
Check if you qualify without affecting your credit score today.
Known for its bustling lifestyle and delicious coffee, it's no wonder many people choose to settle down in Victoria's capital Melbourne.
According to the Domain Rental Report for March 2024, renting in Melbourne is surprisingly not too expensive:
That’s actually below the average rent compared with other capital cities. The average weekly rent for houses and units in the combined capitals was $630.
Though Melbourne is still one of the most affordable capital cities to rent in, rent is still quite expensive, making rental bonds quite expensive, too.
In most cases, a rental bond in Victoria cannot be more than one month's rent. In other cases, a rental provider can ask for a higher bond amount when either the weekly rent for the property is more than $900, or the Victorian Civil and Administrative Tribunal (VCAT) sets a higher bond. The latter could be pursued due to the character of the property or the quality of fittings and furniture.
To give an idea of how much this could cost, we’ll use the average weekly rent for both units and houses of $560. Multiplied by four weeks for a bond payment, the typical bond in Victoria could cost $2,240.
Some property managers or landlords also ask for two weeks' rent in advance for extra security on top of the bond. This would amount to $3,360 in total—quite a hefty lump sum, even when split between two or more tenants!
To alleviate some of the pressures of moving, consider applying for a Personal Loan with Jacaranda Finance. Our loans range from $3,000 all the way up to $25,000, which could be more than enough for you to pay your bond, moving costs, and anything in between to get settled.
See below for more detailed information on rental bonds and Rental Bond Loans in each state/territory.
Unsure about how the bond process works as a renter in Victoria? We've compiled some key pieces of information that may answer your questions.
Refer to the resources tab at the end for official sources of information when it comes to paying a rental bond in Victoria.
In Victoria, only the rental provider, property manager, or landlord can lodge a bond on behalf of the tenant. A tenant is required to send the bond to the appropriate party, who will then lodge the bond through the Residential Tenancies Bond Authority (RTBA). The tenants will then be notified of the transaction.
The bond will be held at the RTBA for the entirety of the rental agreement. When the tenancy has ended, it will be transferred back to the tenants unless the rental provider claims it for any reason.
A rental provider, property manager or agent will do a final inspection at the end of the rental agreement. The condition report should be used to compare any changes to the property during the agreement.
If everything is in order, the bond claim can be initiated. Bond claims can be started by either the rental provider or the renter, though the rental provider or agent typically initiates it. The bond will usually be paid out within one business day when the rental provider uses RTBA Online.
Rental bonds are refunded to the tenants unless the rental provider makes a claim for compensation. Reasons for claims include:
Rental providers cannot claim bonds for fair wear and tear and can only start the claim once everyone has agreed on how the bond should be divided. They must start claims within 10 business days of the rental agreement ending.
If a landlord and renter cannot agree on how to split the bond, either the renter or rental provider can apply to VCAT for a hearing. VCAT will hear the case and decide how to divide the bond.
Rental providers may also apply to VCAT to claim compensation that exceeds the bond amount, which will incur a fee.
The go-to governing bodies for renting in Australia are Consumer Affairs Victoria and Residential Tenancies Bond Authority.
Tenants Victoria is a union for Victorian tenants and a resourceful website with information about housing, rental laws and tenancies in general.
You can check if you qualify initially if you aren’t sure whether you're eligible. This won’t impact your credit score.
Information you will need to provide:
*This is standard procedure for loan applications across the industry. Data is safely secured with 256-bit SSL encryption. We utilise safe and secure third-party Open Banking service providers to make this quick and easy for you.
Worried about being denied a loan? No stress! At Jacaranda, you can check if you qualify without affecting your credit score!
Making all your repayments to us on time could steadily improve your credit score and positively impact your ability to get credit in the future.
Need more information? Here are the answers to some of our most frequently asked questions about our loans.
A rental bond loan is simply a loan you can use to pay for your rental deposit and any other associated moving costs.
Instead of dipping into your hard-earned savings, a Jacaranda Finance Personal Loan lets you repay the money in manageable instalments starting from 25 months.
A bond is a sum of money paid by a tenant to a landlord or agent before moving into a property. It acts as security against any potential damage or unpaid rent during the lease period. The bond is typically lodged with a government authority, governed by state laws, ensuring fair handling and dispute resolution.
When the lease agreement ends, the bond is refunded to the tenant if there are no outstanding issues. Different rules may apply per state, so we recommend reviewing local legislation for accurate tenancy guidelines.
You can apply for varying loan amounts with Jacaranda, depending on your needs:
For detailed information about who our products are designed for, please review our Target Market Determinations.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loans, visit our rates and fees page.
Our loan application process has been designed to be as simple and quick as possible, as we know how important it is to receive your funds in a timely manner. How quickly you can apply for a personal loan and receive your funds will depend on your situation.
Applying for a loan with Jacaranda Finance takes most people 5-12 minutes1, but it could take longer depending on a number of factors such as but not limited to how fast you are at typing or if you have all the required information on hand.
After applying, most customers get an outcome on their loan application on the same day during normal business hours once we have received all of the supporting information we require. We do not guarantee same-day outcomes for all customers.2
Once an applicant has been approved and they have signed a contract, we automatically attempt to release the money to the applicant's bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.3
Before you formally apply with Jacaranda, you can check if you qualify for a loan in a way that does not impact your credit score. We do this by performing a 'soft' credit check that is only visible to you.
If you don't meet our initial criteria, your credit score won't be affected.
Once you've checked your eligibility and we've let you know that you do qualify for a loan, you have the option to move forward with a full application.
We will perform a credit assessment during this process, which involves checking your credit report. By submitting a full application, you authorise Jacaranda Finance to obtain a copy of your full credit file, referred to as a 'hard' credit check.
Other lenders will be able to see that you applied for a loan with Jacaranda.
This might impact your credit score.
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You can view your repayments from either the Better Credit app or online portal and contact our friendly customer service team to request any changes that you need.
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Read more: Personal Loan Repayments 101.
